FHA Home Loan Blog

FHA Home Loans are quickly becoming the best First Time Home Buyer Home Loan program available. FHA Mortgages offer low Mortgage Rates for home purchase or refinance. First Time Home Buyers can also take advantage of the $8000 First Time Home Buyer Tax Credit currently offered for anyone who hasn't owned a home for the past 3 years. If you currently have an FHA Home Loan, you can take advantage of the fast and easy FHA Streamline Refinance Loan to lower your payment today.

$7500 FIRST TIME HOMEBUYER TAX CREDIT

AUGUST, 2008

One of the best aspects of the new HR 3221 Hope for Homeowners legislation is a $7500 tax credit for first time homebuyers.

This is the opportunity of a lifetime to buy a home and receive a substantial benefit!

The $7500 is a tax credit, not a tax deduction, meaning that if you qualify, you will receive a check for $7500 as part of your income tax filing next spring. The tax credit is actually a zero-interest loan that ...

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August 16, 2008 3:12

:: FHA Program News :: ::

THE HOME LOAN PROCESS

I had an email from a first time homebuyer this morning who is out looking for homes, and is confused about the process. "How does it work- where do we actually close? When do we actually own the house? What is done in-between?"

Your first time buying a home can be confusing and intimidating. After I got this email, I thought this would be a good blog topic for today.

Here is a ...

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August 12, 2008 10:31

:: FHA Pre-Qualification :: ::

FHA MORTGAGE INSURANCE PREMIUMS UPDATE

FHA is following suit with other major mortgage insurers, and has released a tiered mortgage insurance structure. The new structure will entail a higher up front and monthly premium for borrowers with lower credit scores and higher loan-to-value ratios, and a lower up front and monthly rate for borrowers with a larger down payment and higher credit scores.

Here is a summary of the new mortgage insurance rates (up-front premium/ monthly premium rate):

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August 07, 2008 8:05

:: FHA Guidelines :: ::

HR 3221 HOPE FOR HOMEOWNERS

The new HR 3221 Hope for Homeowners bill has been passed by congress and signed off on by the President. Here are some highlights about the new program that will help home owners who are upside-down on their mortgage refinance and erase negative equity:

Lack of capacity to pay existing mortgage: borrowers certify that they have not intentionally defaulted on the eligible mortgage or on any other debt (false statement = fine and/or 5 ...

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August 07, 2008 7:50

:: FHA Program News :: ::

FHA CO-SIGNER CAN HELP YOU QUALIFY!

Having trouble qualifying for an FHA mortgage?

Then find a co-signer! FHA is unique to most mortgage programs because FHA will allow a co-signer's income and assets to be used to help you qualify for a mortgage. Most other loan programs will still require you to qualify on your own merits for the mortgage, despite a co-signer, therefore defeating the purpose.

Your co-signer must be a relative and cannot be someone involved in ...

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August 06, 2008 14:22

:: FHA Guidelines :: ::

THE END OF DOWN PAYMENT ASSISTANCE?

JULY, 2008

A new housing bill which is being touted as the legislation that will help stem the rate of foreclosures in the United States and help solve the housing crisis, may do away with an important FHA mainstay for the past couple decades.

Down Payment Assistance programs have helped millions of home buyers obtain the dream of home ownership by providing much needed down payment assistance help. FHA programs require a 3% cash investment by ...

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July 29, 2008 14:05

:: FHA Program News :: ::

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